Greece to Change Taxation System – One More Time

Posted by in Economy

To tell you the truth I’ve lost control over how many times Greece changed its taxation system, since the country sought the “rescue” of IMF, EU and ECB. Now, for one more time, Greece’s economic team plans changes – exactly when tax accountants and taxpayers struggled to adjust to the new system.

In an interview to daily Naftemboriki, Deputy Finance Minister G. Mavraganis said that the new taxation system would be “friendly” in terms of “reasonable penalties” and interest rates for those failing to meet their tax obligations on time.  

In addition, taxable and estimated living standards – so -called ‘deemed income’ – will be eliminated, property transfer taxes will be decreased, the receipts collection system will be overhauled. 

Target of the government is to raise the tax-free cap – currently at 5,000 euro annual income – to 8,000 and 10,000 euro.

The new system will bring tax justice, so that the honest taxpayers will not pay, so that others escape taxation, Mavraganis said more or less.

I gave up reading because nothing concret was said, except about the efforts of the finance team to fix the new taxation system.

The new taxation system will be implemented for the income of 2013, that is in 2014!

PS  Why am I putting myself in trouble, write and translate this? What is the purpose of announcing a new taxation system when nothing is been worked out, when it will become law in almost a year from now and be implemented two years from now?

Why am I doing that to KTG readers and myself?